Home prices have added to their already impressive gains, as the national average resale price set another record in May, the Canadian Real Estate Association (CREA) said Thursday.

The average Multiple Listing Service sale last month was an all-time high of $314,258 — up 10.8 per cent in a year and a rise of $9,000 from April, when the average topped $300,000 for the first time.

Average residential resale housing prices - May 2007
 Region  Price  % gain from May 2006
 B.C.  $454,962  14.1
 Alberta  $363,574  28.1
 Saskatchewan  $172,993  24.9
 Manitoba  $180,470  16.0
 Ontario  $303,751  5.8
 Quebec  $212,012  7.9
 New Brunswick  $142,152  9.7
 Nova Scotia  $187,683  5.9
 P.E.I.  $126,881  2.5
 N.L.  $141,579  6.0
 Yukon  $258,731  10.7
 N.W.T.  $316,443  5.2
 Canada  $314,258  10.8
 Source: CREA  

The figures include all transactions across the country made through the MLS system. 

The real estate association said price records were set in every province except Newfoundland and Labrador, Nova Scotia and Prince Edward Island. 

The most expensive residential housing continue to be in British Columbia, where the average was $398,821 in May — up 14.1 per cent from May 2006. Last week, CREA's major market survey found that the average resale price in Vancouver was more than $591,000 in May.

The biggest percentage increase came a little farther east — Alberta's average price of $363,574 was up 28.1 per cent from last year. Saskatchewan wasn't far behind with a year-over-year gain of 24.9 per cent (to $172,993), thanks largely to Saskatoon's 44 per cent price increase.

Manitoba was the only other province to record a double-digit gain — its average home price jumped 16 per cent in the last year to $180,470.

Provinces in central and eastern Canada showed more modest, single-digit annual gains.

Mortgage rates took a slight dip earlier this week, but are still up almost a percentage point in the last couple of months. Analysts say they'll likely continue to move upwards in the months to come — a prospect that may lead to more sales activity this month.

"The recent increase in mortgage interest rates may encourage prospective homebuyers to jump off the fence and into the market," CREA president Ann Bosley said in a statement.

"I also expect that many prospective buyers across the country who have pre-approved mortgages will take advantage of these lower interest rates and purchase a home in June."